ACWA Power eyeing ‘enhanced’ growth as Silk Road purchase completes

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
The Sakkara solar farm in Saudi Arabia, completed by ACWA Power. Image: ACWA Power.

Saudi Arabian developer ACWA Power has set its sights on an accelerated growth trajectory after China’s Silk Road Fund completed the purchase of a minority stake in the firm’s renewables arm.

The deal, first announced last summer, will see the Chinese state fund take on a 49% stake in – and become a strategic partner of – ACWA Power RenewCo, which owns and operates nearly 1.7GW of CSP, solar PV and wind across the Middle East and Africa.

ACWA confirmed over the weekend that the deal had now completed, allowing the company to capitalise on the “rapidly growing potential” for renewables across emerging markets.

Paddy Padmanathan, chief executive officer at ACWA Power, said that the partnership with Silk Road Fund is testament to the “robust relations” between Saudi Arabia and China, and will allow it to “enhance” the solar developer’s ambitious growth plans across numerous markets.

“Having the Silk Road Fund as a partner is a strategic step for us in supporting the economic transformation envisioned by the Belt and Road initiative as well as Saudi Arabia’s forward-looking Vision 2030.

“This partnership reaffirms ACWA Power’s strong commitment to contributing to the green development of the regions with its reliable financial stability, cementing the company’s position as an attractive investment partner to stakeholders, locally and globally,” Rajit Nanda, CIO at ACWA Power, added.

China’s Belt and Road initiative constitutes a move from the Chinese government to spearhead infrastructure development and investments in key strategic markets, spanning India, east Africa, the Middle East and Europe. The Silk Road Fund, which has US$40 billion of capital to deploy into energy and transport projects, forms an important cornerstone of that initiative.

ACWA and the Silk Road Fund collaborated to win a tender for phase four of the 5GW Mohammed bin Rashid Al Maktoum solar park in Dubai, which incorporates both hybrid CSP and solar PV capacities.   

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

Read Next

PV Tech Premium
August 2, 2021
In today’s installment of PV Tech’s ‘European solar under the spotlight’ feature, we assess the potential and key drivers behind Europe’s leading markets in Germany, Spain and the Netherlands.
PV Tech Premium
July 30, 2021
Not only will solar be the dominant source of new power generation in Europe by 2025, cementing its position as the third largest market for solar globally, but the continent has placed the asset class at the very heart of its COVID-19 recovery strategy. As part of a week-long special report on PV Tech Premium, Liam Stoker, Edith Hancock and Jules Scully explore the drivers for solar in Europe, the key markets and the challenges that remain.
July 29, 2021
Tracker and racking provider Arctech has delivered SkySmart II tracking system to a 575MW agriculture-sharing solar project located in Nangong City, Hebei Province, China.
July 29, 2021
US residential solar installer Sunnova said it was investing in its end-to-end solar services to cater for customers demanding more from their rooftop installations.
July 27, 2021
Canadian Solar has closed a BRL500 million (US$100 million) financing facility to develop a Brazilian solar portfolio claimed to be the country’s largest, while also giving it the option to hold built solar assets for longer.
July 27, 2021
A round-up of the latest news from the US solar market, featuring Vision Solar’s commitment to hire “hundreds” of sales staff as part of a two-state expansion, Recurrent Energy’s sale of two major assets in Texas and news of 8minute Solar Energy strengthening its legal team.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021